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. so yeah, it's going to hurt. >> the real cost of going over the "fiscal cliff." we break down what californians stand to lose if there is no deal. >> a new discovery impacting how breast cancer is treated. how tweaking the recommendation for a certain drug could save lives. >> and... ♪ [ music ] >> remembering a local legend. out every thethe music and legacy of dave brubeck. ,,,, ?f< administration will reject a budget deal that doesn't ine higher taxes for the wealtht rcent of americans. >>> treasury secretary timothy geithner said the obama administration will reject a budget deal that doesn't include higher taxes for the wealthiest 2% of americans. >> and the "fiscal cliff" deadline is now a day closer and still no deal between the president and republicans. political reporter grace lee is live in the newsroom with what this gridlock could cost californians. grace. >> reporter: well, liz, now we have some very real numbers that's what's at stake if we go over the "fiscal cliff." the daily democrat predicts that our state could lose $4.5 billion and lose about 200,000 jobs and
before that so- called fiscal cliff. that's the package of tax increases for most americans and budget cuts that will hit automatically unless the white house and congress find a gentler way to solve the crisis in the federal budget. here's how treasury secretary tim geithner put it on cnbc. >> is the administration prepared to go over the fiscal cliff? >> absolutely. again there is no prospect to an agreement that doesn't involve those rates going up on the top 2% of the wealthiest americans. remember, it's only 2%. >> pelley: by top 2%, he means individuals making more than $200,000 and couples taking in $250,000 or more. republicans say rates shouldn't be increased on anyone. with no agreement, going over the fiscal cliff would be painful. the automatic tax increases break down like this: households making $20,000 to $40,000 would see an increase in $1,200 a year. incomes of $40,000 to $64,000 would see taxes rise $2,000 and in the $64,000 to $108,000 bracket taxes go up $3,500 a year. mr. obama and the republican speaker of the house talked this over today and here's major garrett
with lawmakers today about possible spending cuts. he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to take action on taxes. >> when the american people speak loudly enough, lo and behold congress listens. >> reporter: tomorrow he'll host a campaign style event where he calls on lawmakers to extend the tax rates on families making less than $250,000 a year. once that's done they can work on other details such as spending cuts and changes to the tax code, medicare and medicaid. >> he's out there campaigning for his position. i get it. we understand it. at the end of the day he has to lead on this issue. >> reporter: some republican lawmakers have said they are willing to compromise on the tax issue. oklahoma representative tom cole said the gop
offer to resolve the fiscal cliff was anything but flattering. one republican called the offer an insult. both sides are digging in their heels on raising taxes on upper income earners. the white house proposal includes $1.6 trillion in taxes over a decade, 400 billion for medicare, 50 billion in stimulus spending and the end of congressional control over the debt ceiling. susan mcginnis is in washington with more. good morning to you. >> reporter: hey, terrell, good morning. the president's opening salvo there was not well received by republicans. they balked at his plan. he's taking his message to middle class americans at a factory that makes toys. it's a trip republicans are calling an irritant. president obama leaves the white house this morning to head to a toy factory in pennsylvania. he'll tell americans the fiscal cliff will cause holiday shopping to plummet. >> let's give a christmas present to the american people. >> reporter: but the mood here on capitol hill is anything but festive. both sides say the tax hikes and spending cuts due to kick in at year end are unacceptable, t
on the "fiscal cliff." >> and well wishes are pouring in for will and kate as brits make bets on whether it will be a boy, girl, twins or triplets. >>> hi, i'm meteorologist lawrence karnow live at the whole foods market in cupertino. if you have been looking for a way to help people for the holidays, we have a great idea for you plus we'll talk about that rain coming back all that in just a few minutes. ,,,,,,,,,,,,,,,, typhoon in the philippines. 33 villagers wer >>> at least 74 people are dead or missing following a powerful typhoon in the philippines. >> 33 villagers all swept way after a massive wave hit their emergency shelter there. the storm brought in 160-mile- per-hour winds ashore toppling trees and causing widespread power outages. >>> syrian violence is deadly for schoolchildren. state media reports 29 students and a teacher were killed when a mortar slammed into their school outside damascus. the report blames terrorists a term the government uses for rebels. >>> this is live look right now outside the presidential palace in cairo, egypt. this is where roughly 100,000 prot
the "fiscal cliff." >> when the american people speak loudly enough, lo and behold congress listens. >> how the president is turning up the heat for a deal with lawmakers. >> gusty winds this morning 41 miles per hour in san francisco 35 miles per hour in oakland. next when the heavy rain will arrive and when it's going to move out. >> and a chemical flame retardant too toxic for kids' clothes. how children and adults are still being exposed in their own homes. ,, ,,,,,, fiscal cliff. but in washington today, signs of e movement amo >>> just over a month the country to go over the "fiscal cliff" but in washington today signs of some movement among lawmakers. cbs reporter danielle nottingham on how the president is holding their feet to the fire. >>> reporter: president obama is enlisting middle class americans to pressure congress to back away from the "fiscal cliff." >> when the american people speak loudly enough, lo and behold congress listens. >> reporter: he will take his case on the road friday and is asking the public to join a twitter campaign calling on lawmakers to renew tax cuts
called the fiscal cliff. our coverage starts on the white house lawn tonight with major garrett. major. >> reporter: scott, the saesident said for the first time, there is a two-step process to averting the fiscal cliff. republicans must act now to prevent a tax increase for households earning less than $250,000. do that now, president obama said, and he and congress can work out the details of spending cuts later. ( applause ) before a crowd of supporters, the white house invited from the mid-atlantic region, president obama put congressional republicans on notice. >> it's too important for washington to screw this up. now is the time for us to work on what we all agreed to, which is lets keep middle class taxes low. that's what our economy needs. that's what the american people deserve. gd if we get this part of it right, then a lot of the other issues surrounding deficit reduction in a fair and balanced, responsible way are going to be a whole lot easier. >> reporter: white house officials say mr. obama is not interested in personally meeting with congressional republicans because t
court reforms. >>> hopes for a budget deal to avoid the "fiscal cliff" inched stocks higher today. a pair of strong economic reports also brightened the mood. the dow closed up 37 points. nasdaq gained 20. s&p added 6. >>> republican lawmakers and the white house are working overtime tonight to avoid the "fiscal cliff" stepping up phone calls and meetings within the last 24 hours. cbs reporter danielle nottingham is on capitol hill where the two sides are still talking. >>> reporter: president obama dispatched his chief negotiator tim geithner to capitol hill to work on a "fiscal cliff" deal. house speaker john boehner came out of his meeting with the treasury secretary demanding the white house get serious about spending cuts. >> no substantive progress has been made in the talks between the white house and the house over the last two weeks. >> reporter: if a compromise isn't reached soon, automatic tax hikes and steep budget cuts will kick in january 1. geithner moved from one end of the capitol to the other encouraging lawmakers to sign off on an extension of middle class tax c
brown. we begin with negotiations to avert the so-called fiscal cliff both republicans and white house hold their lines and no formal talks yesterday. president obama said he wasn't ruling out some reductions in entitlement programs such as medicare and social security, meanwhile house speaker john boehner has to win over hard liners in his own party. susan mcginnis is following it all. >> reporter: hi. good morning. there are some glimmers of common ground here among the two sides that could form the basis of a deal. the president is now talking about actually lowering the tax rate for the top 2% not now but later. and republicans are now taking some heat over their latest plan a lot of it from within their own party. >> five, four -- >> reporter: house speaker john boehner led the countdown to the lighting of the capitol hill christmas tree last night. >> one. >> reporter: but a different countdown weighs on the minds of these lawmakers, the countdown to the fiscal cliff. a series of tax increases and spending cuts due to kick in at the end the year. >> god bless us, everyone. >> rep
's what they hear after the obama administration is ready to go over the fiscal cliff if the gop doesn't bid on higher taxes. on top earners. a just released poll shows nearly half of those ads say it's time to end tax cuts for the wealthy but keep it in place for americans earning $250,000 or less. 32% say the tax cuts should remain in place for everyone. during a broadcast interview yesterday timothy geithner was asked what if republican don't agree to raising taxes. >> is the administration prepared to go over the fiscal cliff? >> oh, absolutely. again, we say there's no prospect for an agreement that doesn't involve those tax rates going up. remember, it's 2%. remember, all of those americans, too, get a tax cut into that framework on the first $250,000 of their income. >> that said the president and speaker john boehner discussed the budget by phone yesterday. susan mcginnis is in washington with the latest on this game of fiscal chicken. susan, good morning to you. >> right. good morning, terrell. yeah, that phone call does raise the possibility that some serious talks could star
that forecast, lawrence. >>> a positive sign in the "fiscal cliff" negotiations. president obama and house speaker john boehner have spoken on the phone. the president also met yesterday with ceos of some of the nation's largest companies hoping to convince them of the need of higher tax rates on upper income americans. >> we are not insisting on higher rates out of spite or bickering but, rather, because we need to raise a certain amount of money. >> house majority leader eric cantor echoed of thoughts of his fellow republicans saying more needs to be done about spending. >>> the colorado movie theater where a gunman opened fire during the latest batman movie will finally reopen next month. aurora's mayor says the cineplex will open to the public on january 18. movie theater plans to run free movies for the first couple of days. you may recall 12 people were killed, 58 others injured, when holmes allegedly james holmes opened fire allegedly in july. >>> same-sex marriage is legal in washington signed into law last night by the governor. dozens of people got marriage licenses at the courth
and they will play for us this morning. we begin this morning with the so-called fiscal cliff one from today unless washington gets its act together 90% of americans will see their taxes rise as a series of tax increase and spending cuts take effect. yet negotiations between the white house and congressional republicans are at a standstill. anna werner is in our washington bureau. good morning. >> reporter: good morning. unless congress comes to an agreement on the fiscal cliff it would mean a tax hike plus some $65 billion would be cut from the pentagon and other government agencies. both sides are hoping for a compromise. but so far all there's been is debate. >> i've been keeping my own naughty and nice list for washington. >> reporter: president obama took his fight to the public while visiting a toy company in pennsylvania where he warned republicans not to play scrooge. >> it's not acceptable to me and i don't think it's acceptable for you for a handful of republicans to hold middle class tax cuts held hostage. >> reporter: the white house proposal includes $4 trill
fiscal cliff. >> republicans call it an insulting joke. >> the biggest stumbling block remains, new taxes on the wealthiest americans. >> that's what the president suggested. >>> ladies and gentlemen, the fiscal -- cliff! >> lottery officials will introduce the holder of one of the two winning jackpot tickets today. >> i'm very happy for him. he has worked very hard in his life and won't have to any more. >> the other big winner in arizona remains a mystery. >> the ticket holder may be all the way across this country in maryland. surveillance video shows a man who purportedly just found out that he wan on. >> now asking that person to come forward, show his ticket and bring your papers. >> lindsay lohan went to jail just to stay dry. >> whipped out his membership card. >> beau obama, inspecting the white house christmas decorations. >>> are you kidding me? >> never has drew brees thrown foiv interceptions and atlanta will survive. >>> an act of kindness by a new york cop going viral. tourist taking this photo of police officer larry deprimo giving boots to a homeless man. >> absolut
? >> and what would really happen if we fall over the "fiscal cliff"? the painful consequences for californians. >> it can change the status quo of breast cancer treatment. how women might be able to lower their risks of recurrence. it's the little things in life that make me smile. spending the day with my niece. i don't use super poligrip for hold because my dentures fit well. before those little pieces would get in between my dentures and my gum and it was uncomfortable. even well-fitting dentures let in food particles. super poligrip is zinc free. with just a few dabs, it's clinically proven to seal out more food particles so you're more comfortable and confident while you eat. so it's not about keeping my dentures in, it's about keeping the food particles out. [ charlie ] try zinc free super poligrip. [ traffic passing ] ] ♪ [ music box: lullaby ] [ man on tv, indistinct ] ♪ [ lullaby continues ] [ baby coos ] [ man announcing ] millions are still exposed to the dangers... of secondhand smoke... and some of them can't do anything about it. ♪ [ continues ] [ gasping ] group home rules
to avoid the "fiscal cliff." the deadline is at the end of the month but lawmakers may only have a couple of weeks to get a deal done. danielle nottingham reports now from washington. >> reporter: washington is driving toward the "fiscal cliff" and with just 29 days left, negotiations are at a stalemate. >> right now i would say we're nowhere. >> reporter: taxes continue to be the line in the sand between democrats and republicans. >> there is no path to an agreement that does not involve republicans acknowledging that rates have to go up for the wealthiest. >> reporter: gop lawmakers don't want higher rates and say the obama administration's proposed cuts to entitlements don't go far enough. >> i think we're going over the cliff. it's pretty clear to me they have made a political calculation. this offer doesn't remotely deal with entitlement reform in a way to save medicare and medicaid and social security from bankruptcy. >> reporter: if a deal is not reached, taxes go up and spending will be clashed. defense contractors are sending the message to lawmakers those cuts would damage the m
, it would be a steal. >> the consumer is doing at the very top level is, you know, the "fiscal cliff" doesn't seem to be apparently an issue for them. >> reporter: a potential change in capital gains taxes coming up, maybe that was the driving force for the sale this time. or not. the rich may be just like you and me. they just have enough money not to care about such things. mike sugerman, cbs 5. >>> well, for the rest of us, coming up in the next half hour, the "fiscal cliff." it's staring in the face of washington. with less than a month until the deadline, why president obama is spending time on twitter. >> the new evidence linking brain damage to repeated concussions. why a bay area doctor says it's still too early to ban tackle football for kids. >>> i'm delighted for them. i'm sure they will make absolutely brilliant parents. >> the royal couple is expecting. why kate though is in the hospital and will be for several days. ,,,,,, it's the little things in life that make me smile. spending the day with my niece. i don't use super poligrip for hold because my dentures fit well. before
and palestine have been negotiating. >>> with 33 days left to the "fiscal cliff" deadline, president obama sent his treasury secretary to capitol hill to negotiate with congressional leaders and it didn't appear to go well. >> i got to tell you, i'm disappointed in where we are and disappointed in what's happened over the last couple of weeks. but going over the "fiscal cliff" is serious business. and i'm here seriously trying to resolve it. i would hope the white house would get serious, as well. >> house speaker john boehner came out of the meeting declaring himself disappointed with the white house's proposals. he says democrats have failed to offer a specific plan for cutting spending. and sources who have been in on the talks for months say even though in public the deal seems like it won't happen, in private it is starting to take shape. here's some of the details they have given politico.com. taxes will go up about $1.2 trillion, entitlement programs mainly medicare will be cut by no less than $400 billion. there will be at least $1.2 trillion in spending cuts and war cuts. >>> another
already proposed. that's the point. no matter how close the country comes to plunging off the fiscal cliff, topped a visors say the president will not budge until republicans acknowledge they will keep tax rates where they are for middle income families and raise them on households earning more than $250,000 a year. >> in washington nothing's easy so there's going to be prolonged negotiations. and all of us are going to have so get out of our comfort zones to make that happen. g'm willing to do that. i'm hopeful that enough members of con willing to do that as well. we can solve these problems. but where the clock is really ticking right now is on middle- class taxes. >> reporter: but the clock isng. the cold political reality is this: mr. obama is now on record seeking twice as much in higher tax revenue than the democratically controlled senate passed earlier this year with only 51 votes. tax increases that cannot pass ase senate have no chance in the house republican conference, which is why republicans regard the president's proposal and his heech today as more static than substance. >
on where the argument over the fiscal cliff goes. and the consequences if congress fails to get agreement. we'll talk to maya macguineas, head of the campaign to fix the debt. mark zandi of "moody's "analytics. and our own john dicker sen. captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. >> schieffer: and good morning again. treasurer treasury secretary tim geithner laid out the emotion's opening offer on how to fix the debt. it wasn't what the republicans want to hear. basically geithner said no waw to cut a deal without raising taxes on upper income americans. even though, he said he's optimistic some kind of deal can be reached by the end of the year, and he said 98% of americans will not see a tax rate increase. here's what he told us when we sat down with him. >> i do think we're going to get there because the only thing that stands in the way of an agreement that's good for the economy is if a group of republicans decide they're going to block and increase in tax rates on the wealthiest americans. i think it's unlikely they will choose t
administration will refuse any fiscal cliff deep that does not include a tax hike on the richest americans. geithner remains optimistic despite harsh words from republicans. >> reporter: with the clock ticking in washington and the fiscal cliff moving closer every day, tim geithner said they will only approve a plan with tax rates. >> if they are going to force higher rates on virtually all americans, because they are unwilling to let tax rates go up on 2% of americans, then that's the choice they're going to have to make. >> reporter: geithner presented his plan to republicans, calling for $1.6 trillion in revenue and cuts in stimulus spending. he suggested the bush era tax cuts must expire for the wealthiest americans. >> we put forward a very comprehensive, carefully designed mix of savings and tax reforms to help us put us back on a path to stabilizing our debt and living within our means. >> reporter: republicans did not welcome the proposal. >> i was disappointed by the president's proposal. i think it is a rerun of his budget proposal. the revenue proposals are $1.6 trillion in reve
-called fiscal cliff, but so far there's been more rhetoric than resolve. there's now less than a month to head off the automatic tax hikes and spending cuts that will kick in next year. john boehner said he can't believe the latest white house proposal. the obama administration insists there's no deal without a tax increase. susan mcginnis is in washington with details this morning. susan, good morning to you. >> reporter: good morning, terrell. it may appear the two sides are nowhere but these talks are expected to pick up dramatically very soon. december is here and as they say here in washington the lawmakers can smell the jet fumes meaning the planes taking them home for their holiday recess. what we're hearing there should be a deal by christmas. the white house is already decorated for the holidays but the mood here in washington is anything but festive. >> i think we're going over the cliff. >> reporter: if congress doesn't act america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase leaving the average household with a nearly $3,500 hangover.
on the basic approach to solve the fiscal cliff. in a letter to the president, house republicans called their offer a fair middle ground. it's a ten-year framework that cuts the deficit by $2.2 trillion. it includes $600 billion in health care cuts-- mostly medicare and medicaid-- $300 billion in other mandatory spending and $300 billion in cuts to all other federal spending. by contrast, the president has proposed around $600 billion in cuts to all entitlements, including medicare and he'd reduce other federal spending by $100 billion a year. the president has also proposed spending $50 billion in new stimulus and republicans have refused to consider it. the biggest difference by far is in how to raise new revenues. republicans would raise $800 billion by reducing tax loopholes, not with a tax rate increase. the president would double new revenues to $1.6 trillion, with most of that coming from higher taxes on households making more than $250,000. the president and his negotiators have told republicans there won't be a fiscal cliff deal without that tax increase. the white house today
the republican counteroffer, the proposal to avoid the so called fiscal cliff. it is a $2.2 trillion offer that does not raise the tax rate on the wealthiest americans and that has become the central issue of the negotiations. the white house says republicans still are not ready to get serious. susan mcginnis is in washington with the back and forth details. susan, good morning to you. >> reporter: good morning, terrell. gop leaders here on capitol hill sent their plan to the white house in this letter on monday, and now that both initial offers are out there, both sides say it's time to get serious. governors from six states are headed here to washington today to tell president obama their thoughts on the fiscal cliff. the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one's going to get what they want, but as a country to move forward, we've got to figure out who gives where, and if everything is going to be out on the table, how do we negotiate that? >> reporter: republicans have given a co
inspire to you get fit? probably not. when we come back. ,,,,,,,,,,,,,,,, left the "fiscal cliff" tals all but frozen. so far - no een >>> tensions over tax hikes and spending cuts have left the "fiscal cliff" talks all but frozen. so far no face-to-face meetings have been scheduled between the democrats and republicans. cbs reporter danielle nottingham with the president's push now to sell his plan to american businesses. >> reporter: president obama asked business leaders this morning to support his plan to prevent a fiscal crisis. >> let's allow higher rights to go up for the top 2%, that includes all of you, yes, but not in any way that's going to affect your spending, your lifestyles. >> reporter: if no deal is reached between democrats and republicans before the end of the year, taxes will go up for everyone and automatic spending cuts will kick in. the president wants bush-era tax breaks to expire for households making $250,000 or more. republicans are adamantly opposed to that. >> closing loopholes, especially on those who are wealthy, is a better way to raise this revenue than rai
on the ground. >>> president obama hopes to generate support for his plan to avoid the "fiscal cliff" at a pennsylvania toy factory today. on capitol hill, treasury secretary timothy geithner pitched the president's plan to house and senate leaders yesterday. it includes $1.6 trillion in new tax revenue and $400 billion in cuts to entitlement programs. but it doesn't look like geithner's visit did much to bring republicans and democrats any closer to agreement. >> the democrats have yet to get serious about real spending cuts. >> we are waiting for something specific from republicans to show they are serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and across- the-board budget cuts would take effect. >>> former president george h.w. bush is expected to be released from the hospital sometime this weekend. he has been fighting bronchitis since the day after thanksgiving. the 88-year-old is said to be doing well though. good news there. doctors say bush's age and other health conditions have complicated his recovery but he is going to be just
the nation's fiscal cliff crisis. >> we wasted an enormous amount of time here, sparring back and forth in public. it's a good time to get serious. >> let's just go over the [ bleep ] cliff. because you know why? at least for a few seconds, it will feel like we're flying. >>> this morning, police are questioning a man in that deadly subway push. they say he has implicated himself in the crime. >>> duchess of cambridge is continuing to feel better. >> australian radio station was able to pose as the queen, get information on the phone about kate's health. >> want to see how her -- >> she is sleeping at the moment and she has had an uneventful night. >> mohamed morsi under siege after 100,000 protests in the streets. >>> l.a.'s mayor has announced an end to an eight-day strike at the largest port complex. >>> best man's friend is learning a new trick. how to drive a car. get off the road. >> three, two, one. >> god bless us, every one. >>> nine weeks, officially over. >> snooki wants to give baby advice to kate middleton. her number one advice, find out advice to kate middleton. her numbe
neighbor found dead. >> is your administration prepared to go over the fiscal cliff? >> absolutely. >> negotiations are still up in the air. most lawmakers have gone home for the long weekend. >> i'll be here and i'll be available at any moment to sit down with the president to get serious about solving this problem. >>> duchess of cambridge has left hospital. she was being treated for severe morning sickness. how are you feeling this morning, kate? >> as of today, possession of small amounts of marijuana become legal in the state of washington. >> it feels so good. >>> nominees for the grammy awards, top contenders include kanye west and jay-z. >>> kobe bryant, the greatest player in the history of the los angeles lakers. >> all that -- >> are you ready for your mistake, costas? >> can eating while driving be distracting? >> no! >> and all that matters. >> former senator simpson is bringing his message to a new generation. >> gangnam style. >> on "cbs this morning." >> boo boo a star earning a spot on barbara walters 2012 list of most fascinating peop
geithner is up on capitol hill to lead negotiations on the fiscal cliff talks. >> you're not going to grow the economy if you raise taxes on the top two rates. that's not the right approach. >>> string of nasty storms barreling into the west coast. powerful winds have started knocking out power. >> just need to get to the other side of town. i don't have a choice. >> picked a bad day to do it? >> yeah. >> u.s. embassy in cairo is closed. the entrance is blocked by protesters as clashes erupt nearby. >> zebra and s hechlt tland pony ran wild through the streets of new york city. they apparently escaped from a petting zoo. >>> nypd says actress lindsay lohan has been raefed and charged with assault. >> three, two, one. >> only nbc would make a television event out of plugging something in. >> all that -- >> oh, humphries and rondo get into it. officials trying to get control here. >> don't tell me what i think. when i said i didn't have a problem, i don't have a problem. got it? >> and all that matters. >> president obama plans to play host to his old political rival, mitt romney. >> on "cbs
the fiscal cliff a joke. this morning the man who made that offer is telling the other er e it's time to put up or shut up. >> and the speaker of the house says the president knows what republicans want but with just 29 days left, it's looking as though both sides are playing a game of political chicken. bill plante is at the white house. bill, good morning. >> reporter: good morning. and good morning out west. that's right. 29 days until the fiscal cliff. the real deadline could be even closer. one of the negotiators tells cbs news that to actually get the deal done by the end of the year a plan needs to be in place by but at nd-december. ut at the moment, very few are optimistic about that. >> t >> there's no path to an ag agreement. thates not involve republicans acknowledging that rates have to go up for the wealthiest americans. geithneury secretary tim ompromisetalked tough on sunday. promising any compromise must n thede a tax rate increase on the wealthy. >> the only thing that stands in the way of an agreement that's wa ood for the american economy is that a group of republicans we
are planned or capitol hill today in an effort to avoid that dreaded "fiscal cliff." the treasury secretary tim geithner and another man will visit separately with house and senate leaders to find common ground on how to avert a series of tax increases and spending cuts beginning in january. >>> president obama will have lunch in just a few hours with mitt romney. it will be the first time they have met face to face since the final debate shortly before this month's election. the event will be held at the white house. it is private, no aides present, no media, just the president and the former gop nominee. they will hash it out. >> should be interesting. >> maybe he will bring mitt into the fold. who knows. >> we'll see. >>> just from the labor department the number of americans filing first time unemployment claims fell last week. the decline comes as impact of superstorm sandy eases a bit. this morning, stock futures are moving higher on encouraging news from washington on the "fiscal cliff" issue. ashley morrison of cbsmoneywatch.com joins us. good morning, ashley. >> reporter: good morn
will host a group of governors today to talk about the upcoming "fiscal cliff." this is after they rejected a count proposal from congressional republicans. that plan promises to trim $2.2 trillion over 10 years and includes $900 billion in entitlement cuts, two-thirds of that from healthcare. it also offers $800 billion in new tax revenues but only if the money comes from tax reform and not from raising rates on the wealthy. and that's where the stalemate is stuck. >>> rates have to rise and republicans need to acknowledge that. that's the only way to get from here to there. >> the white house says the plans fails the balance test. tax hikes and spending cuts will automatically kick in on 1/1. >>> in your world, fighting has escalated in damascus. this comes after president obama issued a warning to president assad and his government not to use any chemical weapons. secretary of state hillary clinton says if assad goes down that road, there will be consequences. >> suffice to say we are certainly planning to take action if that eventuality were to occur. >> this week nato foreign minister
that if this is not good enough for the white house, we will go over the fiscal cliff. >> the white house rejects a republican counter offer. >> john boehner sent a proposal that offers more than $2 trillion in deficit reductions but no tax increase. >> he will not sign an extension of the bush era tax cuts for the top 2%. >> folks worried about the fiscal cliff, are you like me? are you worried about it and have no idea what it is? >> according to state tv iran's revolutionary guard captured a u.s. drone after it entered the iriranian air space over the persian gulf. >> but u.s. navy official says there are no missing drones. >> prince william and his wife katherine, expecting their first child. >> after the duchess was admitted to hospital. >> that child could grow up to be one of the most powerful unemployed people in the world. >> a search is under way in new york for a man accused of pushing another man to his death in the subway. >>> rg3, he made opportunities. >> 17-16 washington redskins. >> all that -- >> why don't you shut up? >> you are an embarrassment. >>
-called "fiscal cliff." if a budget plan is not approved by year's end, automatic tax hikes and across- the-board spending cuts will take effect. but democrats and republicans seem to keep digging in their heels speaking on the sunday news talk shows. >> the president and the white house have had three weeks and this is the best we've got? >> what we can't do is try to figure out what works for them. they have to tell us. >> if congress doesn't act, america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase. >> "fiscal cliff," are you tired of it? >> i know. we are tired of it. >>> 6:10 now. a trip goes terribly wrong. how a california magician ended up in the hospital. >> the coast guard loses one of its own. how a smuggling investigation off the coast of santa barbara turned deadly. >> and we have a major recall to tell you about. the fire hazard involving two popular ford cars. we'll tell you about that and more when we come back. ,, ,,,,,,,,,, look at you guys with your fancy-schmancy u-verse high speed internet. you know, in my day you couldn'
and democrats are in a stalemate in negotiations to avoid that "fiscal cliff." as susan mcginnis reports, key players took to the sunday talk shows to make their case. >> reporter: the white house is already decorated for the holidays, but the mood here in washington is anything but festive. >> i think we're going over the cliff. >> reporter: if congress doesn't act, america will ring in the new year with $110 billion in spending cuts and a $500 billion tax increase leaving the average household with a nearly $3,500 hangover. treasury secretary timothy geithner was on capitol hill to present the plan to congress. >> i was flabbergasted. i looked at him, i says, you can't be serious. >> reporter: president obama wants $1.6 trillion in new taxes on the rich, $400 billion in cuts to entitlement programs, such as medicare, and $50 billion in stimulus spending. >> the president and the white house have had three weeks and this is the best we've got?! >> reporter: mitch mcconnell laughed at them last week. now geithner says if they don't like the president's plan, the republicans should present the
these issues, if they don't scale back the cliff and raise the debt ceiling and address long-term fiscal issues we have a huge problem on ourselves hands. i think the political star are aligned. the president has his legacy. he's a second-term president and i think he really wants to address this and i think the republicans want to address it as well. so i think we'll get it together. >> schieffer: underline for me again, what happens if they don't get a deal? number one, taxes go up for everybody. >> yeah. so the first thing that happens on january 1, everybody's tax rate-- everybody, everybody in this room, across america-- tax rates will go up >> because the bush tax cuts expire. >> because the bush-era tax cuts expire and everybody's tax rates go up. and then we have a boat load of spending cuts. as part of various deals we have a big cut to defense budget, nondefense. add up it it's 4.5% of the nation's g.d.p. that jus evaporates. >> schieffer: what do you, will happen? >> i didn't believe we would get as close to the wire. i sit in exphurk and look from the mark's perspective. i think the
hill today in an effort to avoid that dreaded "fiscal cliff." tim geithner and rob neighbors plan to visit separately today with the four house and senate leaders to find common ground on averting a series of tax increases and spending cuts scheduled to start in january. >>> president obama will have lunch in a couple of hours with mitt romney. it will be the first time the two have met face to face since their final debate shortly before this month's election. the event at the white house will be private. no aides will be present. no media will be allowed. it would be fun to be there. >> no kidding and that "fiscal cliff" i'm sure is going to come up. >>> a new york city nanny pleads not guilty to charges that she killed two children. yoselyn ortega is accused of stabbing a 6-year-old girl and a 2-year-old boy who were in her care. she also stabbed herself and is still in the hospital. police say the mother returned home last month and found her children dead. >>> two bp rig supervisors and a former bp executive pled not guilty to criminal charges in the deadly deepwater horizon
hard numbers from the white house to resolve the fiscal cliff crisis landed with a thud on capitol hill. congressional republicans called it an insulting joke. here's the big picture-- $4 trillion of deficit reduction over the next 10 years. it includes $1.6 trillion in higher taxes on households make manage more than $250,000. there's also $400 billion in cuts to entitlement programs, like medicaid and medicare, as well as others. there is also fresh new aending. $50 billion next year in stimulus spending, all for infrastructure. the white house calls this an opening bid. house republicans call it a rehash of old ideas and also object to the idea of a white house asking a permanent legislative remedy to raising the debt ceiling, all of it, the republicans say rather, is unacceptable. now much of this was conveyed in a 28-minute phone conversation yesterday between president obama and house speaker john boehner. both sides describe that conversation, scott, as direct and candid. those are words custom early reserved for diplomacy between sworn adversaries and tonight that might be where
a gop counter offer in the latest round of "fiscal cliff" negotiations. the republican proposal includes cutting $900 billion from medicare and reforming social security. it would also raise $800 billion in tax reforms. but the white house says the offer still favors cutting taxes for the wealthy. >> us this far, republican leaders have been adamant that they don't believe rates ought to go up on the top 2% of wealthiest americans. the american people overwhelmingly disagree. >> if the president and republicans can't come to a compromise, everyone's taxes will go up january 1. government spending will be slashed. >>> the dow lost 60. the nasdaq was down 8, s&p down 7. >>> the storms that blew through the bay area brought down many trees and that's meant a hard lesson for homeowners who were cleaning up today. cbs 5 consumerwatch reporter julie watts explains your insurance doesn't always cover fallen trees. julie. >> reporter: something many are likely learning following this weekend's storm. we received photos from across the bay area of downed trees on homes and cars, and they provide
obama their thoughts on the "fiscal cliff." the bipartisan group says both sides need to work together to avoid the tax increases and spending cuts due to kick in at the end of the year. >> no one is going to get what they want. but we have to compromise. if everything is going to be on the table, how do we negotiate? >> reporter: republicans have given a counterproposal to the president's plan which he issued last week. they say their plan would cut $2 .2 trillion from the federal deficit over 10 years. but $600 billion in healthcare cuts, $300 billion in cuts to mandatory spending, and another $300 billion in cuts to other federal spending. the biggest difference between the republican plan and the president's remains taxes and how the government can generate more revenue to pay down the debt. >> rates have to rise on the top 2%. there's no other way to do it. >> reporter: president obama says his plan will raise taxes on the rich bringing in 1.6 trillion. republicans want to close tax loopholes and eliminate deductions to raise $800 billion in new revenue. >> the president has a hug
of preventing the u.s. from falling off the "fiscal cliff." treasury secretary tim geithner and a white house aide plan to visit with the four house and senate leaders. they hope to find common ground on how to avert a series of tax increases and spending cuts scheduled to begin in january. >>> president obama will have lunch with mitt romney today the first time they meet face to face since their debate before the election. the event at the white house will be private. no aides will be present. no media will be allowed. >>> powerball ticketholders are checking their numbers twice today. >> yeah. good luck. the record-breaking jackpot $588 million. the numbers drawn last night just in case 5, 16, 22, 23, 29 and the powerball number was 6. two winning tickets sold in arizona and missouri. californians may be able to cash in though on powerball prices next year. it's not in our state but lottery officials are meeting this morning up in sacramento trying to hammer out details that would allow the golden state to join the 42 other states in the powerball drawing. california state officials say by
support for his plan to avoid the "fiscal cliff" during an appearance today at a pennsylvania toy factory. on capitol hill, treasury secretary timothy geithner pitched the president's plan to congress yesterday. it includes 1.6 trillion in new tax revenue and $400 billion in cuts to entitlement programs but it doesn't look like geithner's visit did much good. >> the democrats have yet to get serious about real spending cuts. >> we are waiting for some specifics, somewhere, from our republican colleagues to show that they are serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and across- the-board budget cuts would take effect. >>> 6:09 on your friday now. the car of the year is going up in price. plus, could this be the mystery multimillionaire? take a look. new video of the possible winner of the record powerball jackpot. >> and a messy morning out there. we're on the stormwatch as we go to break with a look at our hi-def doppler all covered in green and yellow. an update on the storm when we come back. ,,,,,, (car horn) paying with your smartph
:19. >>> lawmakers on capitol hill have less than four weeks to avoid the dreaded "fiscal cliff." if democrats and republicans don't reach a budget agreement by year's end, across-the-board tax hikes and budget cuts will automatically kick in. house speaker john boehner offered a republican proposal this week. but the president and democrats dismissed it because it includes no tax increase for the wealthiest americans. >> 60% of americans support asking millionaires to pay slightly more. >> there's only one person out of 307 million americans who can sign something into law, the president. >> boehner will meet with small business owners and the president speaks at a conference of corporate ceos. >>> citigroup is cutting 11,000 jobs. the bank says it's looking to cut expenses and improve efficiency resulting in $1 billion in charges. it's part of the restructuring. the company also said it plans to close branches. >> wow. >>> it is 6:21 now. we have a new multi-million dollar man. which giant signed a three-year deal with the team? >> plus, skills on and o
have less than four weeks to avoid the dreaded "fiscal cliff" we have all heard about. if democrats and republicans don't reach a budget agreement by year's end, across-the-board tax hikes and budget cuts will kick in automatically. house speaker john boehnered off a republican proposal this week but president obama and other democrats have dismissed it because it includes no tax increase for the wealthiest of americans. >> 60% of americans pay slightly more. >> there's only one person out of 307 million americans who can sign something in law, the president. >> boehner is set to meet with small business owners while the president speaks at a conference of corporate ceos. >>> bob dole made an appearance on capitol hill yesterday in a wheelchair frail but still flexing his political might. he could not convince enough republicans to support a disabled rights treaty. the united nations treaty would ban discrimination against people with disabilities. it fell five votes short of getting the needed two-thirds approval in the senate. >>> the world's oldest woman has died at the age of 11
, president obama says he hopes to have a deal to avoid the fiscal cliff by christmas. invest fors apparently shared his optimism and stocks closed higher. congress must reach a compromise on the deficit reduction plan by the end of the year. otherwise, tax hikes will automatically kick in. >>> talk about a power lunch. president obama and mitt romney, who will dine at the white house together tomorrow afternoon. this will be the first time they have met since their final debate. the meeting will be private. no aids and no media. >>> armed with guns and sledgehammers, the daring bay area jewelry heist that took 75 seconds to pull off. >>> well, that and $7 will get you a cup of coffee. what's so special about starbucks' new brew? >>> a $580 million jackpot is up for grabs tonight. now california wants in on the action. how soon until you can play powerball? ,, sledgehammers, hit a bay ara jewelry store. it happened in los gatos. c5 reporter kiet >>> they were in and out in a flash. two thieves waving guns and sledgehammers hit a bay area jewelry store. it happened in los gatos. kiet do shows
we fall off the fiscal cliff. but lawmakers don't seem any closer to pulling us back from the ledge. the president's plan includes $1.6 trillion in new tax revenue in exchange for $400 billion in entitlement cuts. but it doesn't say where the savings will come from. republicans called it an insult. >> despite that claims that the president supports a balanced approach, the democrats have yet to get serious about real spending cuts. >> we are waiting for some specifics, some where, from our republican colleagues to show that they're serious on negotiations. >> if a compromise is not reached by year's end, automatic tax hikes and steep budget cuts will kick in. >>> the president and mitt romney met face-to-face today for the first time since their contentious campaigning. aides say they discussed american leadership in the world and pledged to stay in touch. >>> the supreme court could take up california's same-sex marriage debate as far as tomorrow. we'll know as soon as the court posts a list of cases it plans to review. if the prop 8 case is on the list, it means it would be argued
-called fiscal cliff. our political insider on why things are looking up for the president. >> it appears as if he is playing the hand where the cards are being revealed. it's almost like three card molly. boehner has got a problem with reference to the white house proposal. too many of his people are suddenly finding something attractive about it. >> plus, we are going to track all of the rain, wind and damage from the next big storm thaissments on eyewitness news this morning tomorrow on cbs 5. we will have a lot of crews in the field seeing what's going on and here is a look at the top stories. flood watches continue today around the bay area as another storm moves in. tonight we are expected to be hit hard by heavy rain and winds once again. it's the third and final storm of this series. the storms have been wreaking havoc on the roadways in santa cruz county. in particular several trees and wires were down in mountain towns. officials are keeping a close eye on the rising san lorenso river near bolder creek and the winter storms could be a challenge for businesses that are trying to
news continues. fiscal cliff of tax increases and sharp spending cuts is now exactly one month away. in his weekly media address today, president obama again pushed his party's tax plan. of course, utah senator orrin hatch rejected in the republican response. >> both parties say we should keep middle class taxes low. the senate's already passed a bill to keep income taxes from going up on middle class families. democrats in the house are ready to do the same thing. if we can just get a few house republicans on board, i'll sign this bill as soon as congress send it my way. >> what he proposed this week was a classic bait and switch on the american people. a tax increase double the size of what he campaigned on. billions of dollars in new stimulus spending, and an unlimited, unchecked authority tow borrow from the chinese. maybe i missed it, but i don't recall him scwg for any of that during the presidential campaign. >> jarvis: parents and school boards across the country are debating whether to offer bonuses to teachers whose student do well on standardized tests. sharyl attkisson c
the called fiscal cliff of mandatory tax increases and spending cuts is to you just 30 days away. but judging by today's talk in washington democrats and republicans are hardly any closer to finding a solution. here's anna werner. >> reporter: a week closer to the december 31st deadline, treasury secretary timothy geithner told bob schieffer any potential deal will have to include a tax hike on the upper 2% of income earners. >> there is no way to raise a meaningful amount of revenue relative to the size of our fiscal challenge by just limiting the value of deductions for the wealthiest americans. >> reporter: he said the biggest obstacle is republicans who refuse to acknowledge that fact. >> there's nothing that stands in the way of that agreement. except for the potential risk that a group of republicans decide, they hold up an agreement because they want to extend tax cuts for the wealthiest that we can't afford. >> reporter: on fox news 2 sunday speaker john boehner was not optimistic. >> i would say we're nowhere. period. we're nowhere. >> reporter: earlier this week house gop members re
ticking in washington in the fiscal cliff looming closer by the day. the treasure secretary says the white house will only agree to a plan that including higher tax rates. >> if they are going to force higher rates on virtually all- americans, because they are want thing tax rates to go up on 2% that is a choice they will have to make. >> calling for an additional $1.6 trillion in tax revenue. cuts to medicare and $50 billion in stimulus spend approximating. he insists the bush tax cuts must expire for the healthyy individuals. >> it is carefully designed mix of savings and tax reforms to put us back on a path to stabilizing our debt and living within our means. >> the republicans did not welcome the proposal. >> i was disappointed by the proposal. i think it say rerun of the budget proposal. the revenue is 1.6 trillion in revenue and tax increases. >> and expressing frustration -- and they are expressing frustration. >> i would say we are nowhere, period, nowhere. >> reporter: they disagree pointing out the administration did offer $600 billion in cuts to health care and other programs.
. >>> if the mayan calendar doesn't get us we're due to fall of the fiscal cliff. tonight each side insists the other party's plan is impossible. they're dismissing the president's proposal. democrats complain the gop plan is way too vague. the president won't sign anything that doesn't increase taxes for the wealthy. the gop counter offer calls for raising 800 billion in revenue without raising tax rates. >> if washington can't reach a deal cbs reporter jim axle rod says your paycheck is going to feel it. >> the payroll tax cut has given this family an extra $70 a month to spend. >> are you paying attention to what's going on in washington right now. >> of course we are. >> their 50,000-dollar a year income puts them in the middle of american households if the payroll tax cut is not extended those families would pay an average of $1,035 a year more in social security taxes. >> do you have room to cut back. >> no, sir i don't. i guess if i do some type of magic like we do every month. >> if the tax cut expires paycheck contributions will go from 4.2 percent to 6.2 percent. $115billion a year that wil
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